Reddit (NYSE:RDDT) Stock Price Expected to Rise, Citigroup Analyst Says

Reddit (NYSE:RDDT) had its price target increased by analysts at Citigroup from $120.00 to $200.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 17.16% from the stock’s current price.

RDDT has been the topic of several other research reports. Morgan Stanley upgraded Reddit from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $70.00 to $200.00 in a report on Monday, December 9th. JMP Securities raised their price target on Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research note on Monday, November 25th. Robert W. Baird lifted their price target on Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Wells Fargo & Company began coverage on shares of Reddit in a report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price objective on the stock. Finally, B. Riley restated a “buy” rating and issued a $112.00 target price (up from $87.00) on shares of Reddit in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $132.70.

Reddit Price Performance

Shares of RDDT stock opened at $170.71 on Friday. Reddit has a twelve month low of $37.35 and a twelve month high of $180.74. The firm has a 50-day moving average price of $127.73 and a 200 day moving average price of $85.35.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The business’s quarterly revenue was up 67.9% on a year-over-year basis. Equities analysts predict that Reddit will post -3.46 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Benjamin Seong Lee sold 18,519 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $146.06, for a total value of $2,704,885.14. Following the transaction, the insider now owns 138,401 shares in the company, valued at approximately $20,214,850.06. The trade was a 11.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $176.20, for a total value of $2,466,800.00. Following the completion of the transaction, the chief executive officer now directly owns 620,971 shares of the company’s stock, valued at $109,415,090.20. This represents a 2.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 264,357 shares of company stock worth $32,762,690 in the last 90 days.

Hedge Funds Weigh In On Reddit

Institutional investors have recently made changes to their positions in the business. FMR LLC lifted its position in shares of Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. bought a new position in Reddit during the 3rd quarter worth approximately $474,403,000. Holocene Advisors LP grew its position in shares of Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after acquiring an additional 1,923,109 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after acquiring an additional 2,225,895 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Reddit by 10.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after acquiring an additional 153,282 shares in the last quarter.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.